Vortex Drill Program Yields Highest Silver Grades to Date
Hycroft Mining’s 2025-2026 exploration program has identified the highest silver grades ever encountered at its Vortex zone in Nevada. The standout intercept—30.8 meters grading 436.29 g/t silver and 0.41 g/t gold—confirms a continuous, high-grade system and extends mineralization over 75 meters further west, while opening new targets to the north and south. These results strengthen the case for Vortex as a core driver of future project value.
| Hole ID | From (m) | To (m) | Interval (m) | Ag (g/t) | Au (g/t) | AuEq (g/t) |
|---|---|---|---|---|---|---|
| H25D-6068 | 444.7 | 613.7 | 169.0 | 16.07 | 0.48 | 0.64 |
| Including | 449.0 | 459.3 | 10.3 | 5.35 | 1.09 | 1.14 |
| H25D-6070 | 419.7 | 450.5 | 30.8 | 436.29 | 0.41 | 5.48 |
| Including | 424.8 | 430.9 | 6.1 | 739.58 | 0.21 | 8.79 |
Note: Gold-equivalent (AuEq) based on $3100/oz gold and $36/oz silver.
New Targets and Expanded Footprint Confirm Upside
The latest drilling at both Vortex and Brimstone indicates large, open mineralized systems with meaningful upside. Vortex remains open down dip and laterally, while the initial hole drilled this year, H25D-6068, demonstrated that high-grade mineralization continues across significant intervals—though with variable grades, underscoring the need for further follow-up in the zone. At Brimstone, the drill campaign includes tests of a newly identified potential feeder system, with pending assays expected to provide clarity early in 2026.
- Vortex: Current geometry covers approximately 1 km downdip by 500 meters east-west; silver-to-gold ratio of 600:1
- Brimstone: System stretches approximately 380 meters downdip, 250 meters north-south, and 30 meters thick; silver-to-gold ratio of 3000:1
Efficiency and Balance Sheet Support Growth
Operationally, Hycroft is now employing directional drilling—a move that reduces exploration costs and improves efficiency by allowing multiple target tests from a single initial borehole. The balance sheet remains robust: as of December 12, 2025, Hycroft held approximately $175 million in unrestricted cash and carried no debt. An additional $41.3 million is expected from warrant exercises in January 2026, giving the company further financial flexibility to pursue expansion and technical milestones.
Resource Update and Technical Advancements on the Horizon
A comprehensive mineral resource update, set for release in early Q1 2026, will capture drilling results from 2023 and 2024 and inform final mine planning. Technical work also confirms the potential for strong recoveries from pressure oxidation processing, with ongoing studies on roasting as a third potential revenue stream. Notably, the company is evaluating a potential heap leach re-start, given elevated gold and silver prices, with decisions expected in the first half of 2026.
What to Watch: Multiple Catalysts Ahead
Hycroft’s near-term focus includes receipt of additional drill assays, the resource update, and technical reports—all with the potential to significantly impact project economics and future operations. With the high-grade silver discoveries at Vortex and Brimstone and a clear strategy for operational improvement, Hycroft enters 2026 with strong momentum and key catalysts that merit attention.
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